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Sinopec Keeps Crude Processing Volumes Steady H2

REFINING

China's Sinopec aims to refine 5.07 million b/d (127 million mt) of crude in the second half of 2023, steady with volumes January-June volumes.

  • It is targeting refinery utilization of 87.7%.
  • "We expect to see a 12.7% year-on-year increase in China's oil product consumption in H2, the volume would be higher than that in H1," according to Sinopec's President Yu Baocai.
  • Sinopec exported 8.08 million mt of clean oil products in January-June, surging 74% year on year, while gasoline exports slipped 3.2% to 700,000 mt. Gasoil and jet fuel outflows stood at 3.04 million mt and 4.34 million mt, jumping 229% and 60%, respectively.
  • Sinopec lifted its oil and gas production by 3.3% year on year to 249.88 million barrels of oil equivalent, on track to meet its annual target of 495.43 million boe for 2023.
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